Hard to do something retroactively in a situation like this
SEC tl;dr: TheDAO broke our regs like crazy, but we aren't going to do anything about it except write words to scare other people.
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Impossible to do something prospectively. So is the government's only option to go after violators in the act?
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No, but lay out clear criteria for what would happen in a situation like this going forward
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Those criteria have been around for a while, I learned them in an intro Law for Finance class in college.
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The law should reflect what happens in the real world, not the other way around.
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Funny that new types of blockchain governance aim to solve exactly that, the feedback loop of current systems is too slow.
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The law should be slow, otherwise it's pointless.
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Please note that I said "too slow". Also very often law is just a wild uneducated guess with feedback time of several years.
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That's fair, however, how a technology impacts the real world is often not clear for several years.
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Hence the need for the new type of collaboration and governance.https://www.coindesk.com/world-economic-forum-publishes-blockchain-governance-taxonomy/ …
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Will they make an example out of the next exchange to break SEC regs like crazy? I feel like they'll have to...
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ICO craziness was shouting very loud for the SEC, so no surprise. Collateral damage will go to others who have nothing to do greedy ICOs
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The crypto space should reflect their ethical standards which are basically non-existing for many ICO projects. Most are pure Ponzi and MLM
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@Beautyon_ i still remember the time when someone from Goldman Sachs went to jail for… oh, wait!
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@NickSzabo4 is right. Aside fr/ newfangled blockchain, this looks like old fashioned public offering of a security. Tech doesn't change it. -
In US: register under SEC regs, find an exemption or violate the law.
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Exactly what I told my bosses this morning, nothing more than a formalized shot across the bow. I'm sure Clayton is buying like crazy rn.
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Monopolists gonna monopolize, regulators gonna regulate until they are irrelevant. Dollars gonna dollar until they are irrelevant.
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Since there was little to no regulatory framework for this sector to begin with it is not surprising that a pass was given.
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From here on out though beware the long-arm of the law.
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